The Las Vegas Strip recorded its fourth consecutive monthly year-over-year decline in October. Statewide gaming revenue fell for third of the past four months. Despite an all-time win for a month at slots, baccarat, roulette, and football were blamed for the slippage.
October also had one fewer weekend day than 2023. The last time the Strip win decreased in four consecutive months was February through May 2019.
The Nevada Gaming Control Board reported today that Strip revenue of $692 million in October fell 3.1%, down from $714.3 million in October 2023.
Statewide, gaming revenue fell 2.2% from $1.31 billion to $1.28 billion. For the year, it’s up 0.9%. Nevada continued to record gaming win amounts in excess of pre-pandemic levels; statewide total win was 25.9% or $264.4 million over October 2019.
Despite the drop on the Strip in October, Deutsche Bank reported Las Vegas locals casinos reported increased 4.5% in October from $261.5 million in 2023 to $273.2 million.
Beyond the Strip, the declines were across the board. Downtown Las Vegas fell 11% from $97.5 million to $86.8 million. North Las Vegas fell 3.7% from $23.3 million to $22.4 million. The Boulder Strip fell 2.6% from $88.6 million to $86.2 million.
Michael Lawton, the Board’s senior economic analyst, said the October comparison “was moderately difficult.” The level of play held up, but cited a decline in hold in baccarat, football wagering, and roulette.
“I am encouraged by the slot win, which set a new all-time record for monthly win on volumes that were up a solid 3.6%,” Lawton said. “Additionally, table-game play remains healthy, but continues to face difficult comparisons on the hold side. Gaming win excluding baccarat has increased in three of the last four months. This month was the exception as sports wagering, specifically football, experienced a very bad month hold-related. Roulette was hold-related as well.”
Statewide baccarat win of $69.1 million in October decreased 23% or $20.7 million and baccarat drop of $590.8 million decreased 2.8% or $17 million. Baccarat’s hold percentage was 11.7% versus 14.8% last year.
Statewide total gaming win excluding baccarat decreased 0.7% or $8.1 million, Lawton said.
Statewide baccarat win has decreased in four consecutive months and five of the last six. For the year, baccarat is down 3.4% or $37.2 million. Volumes are up 0.3% or $18.4 million on a hold percentage of 14.7% versus 15.3% last year.
On the Strip, baccarat win totaled $68.7 million, down $21 million or 23.4%. Volume was $576.8 million, down 2% or $12 million. Hold was 11.9% versus. 15.3%. Total win excluding baccarat decreased by 0.2% or $1.2 million.
Statewide slot win of $932.3 million increased 4.2% or $37.6 million and coin-in of $12.3 billion was up $424.8 million or 3.6%. October’s slot win established a new all-time monthly record, beating the previous high of $914.1 million set in June 2024. Slot hold percentage was 7.6% versus 7.5% last year.
The Strip’s slot win increased 5.5% or $22.4 million with a 4.4% or $219 million increase in coin-in. Slot hold was 8.3% versus 8.2% last year.
Statewide, table, counter and card games win of $353.9 million decreased 15.8% or $66.3 million and games drop of $2.9 billion, increased 2.4% or $69.2 million from October 2023. Games hold percentage was 12.1% versus 14.7%.
Nevada sportsbooks won $28.9 million, down from $39.2 million in October 2023 on a hold percentage of 3.6% vs. 8.4% last year. Sportsbook wagers totaled $795 million, down 2.5% or $20.6 million compared to last October when $815.6 million was wagered statewide.
Strip sportsbooks won $13.3 million in October, down 50.4% or $13.5 million. Volumes were down 3.3% or $12.1 million on a hold of 3.7% versus 7.3% last year.
For the year statewide, sportsbook win is up 4.8% or $18.4 million and volumes are down 4% or $259.7 million.
In October, football wagering win was down 79.2% or $36.8 million on a hold of 2% versus 8.6% last year, due to a large percentage of favorites covering the spread during the month.
Statewide mobile wagers totaled $519.9 million, down 3.2% ($17.2 million) and accounted for 65.4% of all wagers.
Elsewhere in southern Nevada, Mesquite recorded an increase of less than 1% to $16.2 million. Laughlin fell 6.8% from $47.5 million to $44.3 million.
Reno had a 3% decline from $70.3 million to $68.1 million. Sparks fell 5.7% from $15.3 million to $14.4 million. South Lake Tahoe recorded a 18.7% increase from $17.5 million to $20.8 million.
The Strip hosted the following events in October. Maroon 5 played at Dolby Live inside the Park MGM on October 2nd through the 12th and Lenny Kravitz headlined for one night on October 18th. Garth Brooks and Adele were at the Colosseum inside Caesars’ Palace for several dates in October starting on October 3rd and running through the 26th. Keith Urban performed at the Fontainebleau Las Vegas on October 4th through the 12th. The Eagles returned to the MSG Sphere on October 11th through the 19th. The Las Vegas Raiders played home games at Allegiant Stadium on October 13th against the Pittsburgh Steelers and October 27th against the Kansas City Chiefs. Carrie Underwood’s residency returned to Resorts World Las Vegas on October 16th through the 26th. The NASCAR Xfinity Series and the NASCAR Cup Series were held at the Las Vegas Motor Speedway on October 19th and 20th.
